Due Date For Filing Income Tax Returns Extended to August 31 2018

Due Date for Filing Income Tax Returns Extended

Due date for filing income tax returns extended by a month. From the earlier 31st July 31 to August 31.

This may be due to too many compliances this month. 31 July was the due date for GST returns, TDS returns and Income tax returns too. With all the due dates coming on a single date, an extension was bound to happen.

The finance ministry in a tweet announced the extension of ITR filing by a month to August 31, 2018. Earlier the due dates for filing income tax returns was July 31 for individuals and HUFs.

Due date for filing income tax returns extended CBDT

A new section 234F inserted in the Income Tax Act imposes a fee for delayed filing of returns. For returns filed after the due date, taxpayers are liable to pay a fee of Rs 5,000. In a like manner, for returns filed after December 31, 2018, the fee payable will increase to Rs 10,000. But, if the total income of the taxpayer is less than Rs 5,00,000/- the fee amount will not exceed Rs 1,000.

For companies and those under audit, the deadline to file the returns is in September/October. This extension is for those taxpayers who are to file their returns before July 31st.

As for the Tweets, the are available here.
As for the Press Release, it is available here.

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